Best Bitcoin Brokers For India
On this page you find the best Bitcoin brokers for India. As an Indian citizen you are welcome to trade Bitcoin on the big international trading sites listed below.
But at first we need to clarify what you're seeking:
1. Do you want to buy Bitcoin because you don't own cryptos yet?
or
2. Do you already have Bitcoin and want to trade BTC against fiat money or against altcoins?
1. Exchanges To Buy Bitcoin In India
If you want to become a Bitcoin owner as an Indian citizen you need to use a Bitcoin exchange to buy BTC with fiat money (by credit card or wire transfer):
89
87
XRP, LTC, BCH, ADA, QTUM, ETC
There is a range of other Bitcoin exchanges which have stopped INR deposits and withdrawals due to the governmental regulations of April 6, 2018 . Therefore above we are only mentioning the ones that might still work. It might happen that your bank doesn't accept Bitcoin related transfers in case they notice that due to a certain keyword in the transaction details.
2. Brokers To Trade Bitcoin In India
If you already own Bitcoin and want to trade BTC/USD or cryptocurrencies against each other for profit, then you want to use a broker platform:
93
up to 100x (BTC/USD)
maker fee -0.025%, taker fee 0.075% (for leverage trades)
derivatives contracts trading on margin
No other cryptos, no fiat money
INR / Fiat: Not supported
- Limit/Market Buy
- Limit/Market Sell
- Stop Loss
- Trailing Stop
- Take Profit
- Post-Only order
- Hidden order
BitMEX has become the most popular professional Bitcoin broker in relatively short time. The reason might be that the platform is fairly uncomplicated - signups are quick and anonymous (the is no option for an ID verification) and the platform has a highly professional trading engine providing all advanced order types. Also withdrawals aren't limited at all.
93
up 100x
0.05% (low)
derivatives contracts trading on margin
- Limit/Market Buy
- Limit/Market Sell
- Stop Loss
- Take Profit
- OCO (One Cancels the Other)
PrimeXBT is a relatively new but highly professional Bitcoin margin broker which gained popularity very quickly. Their trading platform is easy to use and very intuitive and they don't ask for any ID verification at all. Their live chat customer support is very helpful and responds within couple of minutes.
93
not yet
0.1%
Tradable Cryptos
INR / Fiat: Not supported
- Limit/Market Buy
- Limit/Market Sell
- Stop Loss
Binance is the number one altcoin trading site. They have a big altcoin portfolio. All altcoins can be traded against Bitcoin or Ether. Binance allows deposits or withdrawals for all listed cryptocurrencies but no INR or any other fiat currency.
91
up to 3.3x
0.0 to 0.2%
USD (not possible for Indian citizens)
- Limit/Market Buy
- Limit/Market Sell
- Stop Loss
- Trailing Stop
- Take Profit
- Iceberg Orders
- TWAP
- Fill or Kill
- Post-Only Order
- Hidden Order
Bitfinex belongs to the largest international crypto brokers. Their altcoin portfolio is constantly growing and they have a professional trading engine with advanced order types and a very intuitive user interface. Altcoins can be traded against Bitcoin or Ether. Indian citizens can open an account and deposit and withdrawal cryptocurrencies only, like at all unregulated crypto brokers.
Bitcoin And Cryptocurrencies In India
India Bans All Business With Cryptocurrencies
Spring 2018: India has banned all transactions with cryptocurrencies. At the same time, the central bank is examining the creation of a state digital currency.
India is taking vehement action against transactions with cryptocurrencies. The central bank announced at the beginning of April that with immediate effect no financial institutions regulated by it would be allowed to do business with individual or economic institutions that trade in virtual currencies. A deadline will be announced for those who have already done so to end such business relationships.
The Monetary Guardians cited concerns about consumer protection, market integrity and money laundering as justification. "Although the international response to cryptocurrencies is not uniform, there is a global consensus that these currencies can adversely affect money laundering laws, regulation and thus the integrity of the market and financial flows," said BP Kanungo, Governor of the Reserve Bank of India.
At the same time, however, the central bank is considering introducing its own cryptocurrency. An interdepartmental group had been formed. The group should prepare a report by the end of June that analyses the "desirability and feasibility of introducing a digital currency for the central bank".
The central bank's consideration of creating its own digital currency is particularly noteworthy against the background that the government has set as its goal the creation of a cashless society. In this context, a state cryptocurrency would only be consistent.
At the end of 2016, India surprisingly invalidated the two largest banknotes, causing months of chaos and negative economic growth.
Thailand had also banned financial institutions from trading in cryptocurrencies and announced new regulations last week. Some Asian countries, some of which are crypto strongholds - such as China and South Korea - have recently emerged as pioneers of stricter regulation.
Google, Facebook and Twitter had also banned advertising for cryptocurrencies like Bitcoin from their portals. However, just a few months later, Facebook opened the doors for crypto ads again, at least for certain products like educational material. Ads for ICOs, trading services and related topics are still disallowed.
The regulations are an obvious attempt of the Indian Government to keep the control over money.
Bitcoin As An Answer To Governmental Control Of Money
Such political measures, of course, always provokes counter-movements. Bitcoin is the best answer for people who don't agree with the authorities since it is a digital currency that cannot be controlled by governments. Many people see this as positive because it is a way to invest money in something that cannot be accessed by authorities.
In addition, Bitcoin is not inflationary and independent of the large global financial bubble of fiat money. Therefore, people want to have the opportunity to buy and trade Bitcoin, even if the government should prohibit it for the above reasons.
Bitcoin Exchanges And Brokers In India
On September 11, 2018 the last negotiations between the Crypto Exchanges and the Reserve Bank of India (RBI) will start in India. The end of the negotiations will bring more security for Indian investors - for better or for worse. The arguments at a glance.
In India, the regulatory loop for crypto enthusiasts, traders and exchanges had become increasingly tight. Earlier this year, Indian Finance Minister Arun Jaitley made it clear to the Indian Parliament that he did not recognise Bitcoin as a currency.
Some time later, Indian tax offices sent questionnaires to investors in cryptocurrencies - with the intention of making back taxes. In the course of this, the government formed a committee to discuss possible regulations for dealing with Bitcoin and other cryptocurrencies.
As cryptocurrencies are still not recognised as a means of payment, companies began to use a loophole. They put the Unocoin exchange between themselves and the customers who was responsible for exchanging crypto for Fiat.
Contra Bitcoin: Fraud, Inner Values and Ponzi
But the Indian financial regulator also closed this loophole - RBI had instructed the stock exchanges in April to close all crypto transactions within three months. After the deadline of 6 July, the Indian Bitcoin community had suffered accordingly. The number of transactions fell sharply. But in the course of these regulatory restrictions, the stock exchanges decided to go to court.
Now representatives of government, central bank and brokers are facing each other in court. The reasoning should come as no surprise. It is the central bank, for example, that is leading the way in protecting against investors. Here they want to protect against fraud and money laundering.
Another problem is the lack of internal currencies – cryptocurrencies are not secured by assets. Similar arguments come from government representatives - who even call Bitcoin a Ponzi scheme.
Pro Bitcoin: Transparency And The Indian Constitution
The cryptocurrency exchanges, on the other hand, refer mainly to the Indian Constitution.
Article 19, for example, stipulates that all citizens may exercise any profession, trade or business.
They also refer to Article 14, which prohibits discrimination and provides the same protection under the law for all.
The crypto exchanges also say that they have largely complied with the anti-money laundering directives, which help the authorities to follow the path of money. Now, however, a large part of the trade has shifted to cash transactions, which can lead to illegal activities, a result that has even recently been recognised by the RBI.
Finally, the crypto exchanges have declared their willingness to the Central Bank and the authorities to ensure greater transparency.
When it comes to Bitcoin brokers there is generally no problem with regulations. The ones that aren't involved in fiat money transfers aren't affected by regulations. So even as an Indian citizen there should be no problem to trade Bitcoin and cryptocurrencies on the broker platforms mentioned above.
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